The present invention relates generally to the field of account access authorization, and in particular to systems and methods for authorizing access to accounts that do not involve hardcopy signatures of account owners.
Various legal considerations govern access to an account by a third party. Such legal considerations include 12 C.F.R. §205, and the Electronic Signatures in Global and National Commerce Act (15 U.S.C. §§701 et seq.). As just one example, 12 C.F.R. §205.10(b) requires that preauthorized electronic funds transfers from a consumer's account may be authorized only by a writing signed or similarly authenticated by the consumer. Compliance with such legal considerations to authorize access to an account can include requiring a hardcopy signature by an account owner prior to accessing the account. To do this, an entity desiring access to an account sends an account authorization form to an account owner which is executed and returned. Such a form can include a description of the authorization being requested, along with a signature line where the account owner signs to authorize access to the account.
Such an authorization process can be cumbersome, and does not allow an account owner to authorize account access within a short period of time. Because of this, many account owners will not provide account access, thus denying themselves the benefit of a variety of account related products. Hence, for at least the aforementioned reasons, there exists a need in the art for advanced systems and methods for authorizing account access.